Cathie Wood Sells Ethereum Futures ETFs, Bearish Signal For Spot ETFs?
The post Cathie Wood Sells Ethereum Futures ETFs, Bearish Signal For Spot ETFs? appeared on BitcoinEthereumNews.com.
On August 9, Cathie Wood’s Ark Invest made notable moves in the crypto market by offloading significant portions of its Ethereum futures ETFs. This decision may signal a bearish outlook for Ethereum exchange-traded products (ETPs). Moreover, it reflects a broader shift in investor sentiment amid surging spot Ethereum ETF outflows. Cathie Wood’s Ark Invest Dumps Ether Futures ETF Ark Invest sold 400 units each of two Ethereum futures ETFs. These include Ark Active Ethereum Futures Strategy ETF (ARKZ) and the ProShares Ethereum Strategy ETF (EETH). The sale of ARKZ was valued at $12,056, while the EETH transaction amounted to $21,112. Although these figures represent a relatively small divestment, they suggest a strategic repositioning by Ark Invest. It potentially indicating reduced confidence in Ethereum ETPs and the crypto’s short-term prospects. In contrast, the recent activity by Cathie Wood’s firm toward crypto stocks highlights a more bullish stance. On August 7, the firm acquired 145,420 shares of Robinhood Markets Inc. (HOOD). It invested $2.4 million as the market showed signs of recovery. Moreover, this HOOD stock purchase came ahead of Robinhood’s earnings report, with the stock closing at $17.12 on the transaction day. Additionally, Ark Invest bought 13,833 shares of Coinbase Global Inc. (COIN). It suggests a positive outlook as the asset climbed 2% following a period of downturn driven by recession fears. Moreover, the Cathie Wood-led firm had snapped up HOOD and COIN stock even during the market downturn. Also Read: Grayscale Turns More Bullish On Bitcoin And Ethereum, Here’s Why A Look At Ethereum ETF Market Amid Cathie Wood’s Ethereum futures ETF dump, the broader ETH market showed mixed signals in recent days. On August 9, spot Ethereum ETF flows recorded a net outflow of $15.8 million. However, the weekly total remained positive at $104.8 million, indicating a mixed sentiment. On…
Filed under: News - @ August 11, 2024 1:08 am